Marginal relief for weddings; banks to provide funds to co-ops

​Mumbai: In a marginal relief to wedding families, the RBI on Tuesday relaxed one of several conditions for withdrawal of Rs 2.5 lakh from their own accounts by making declaration for payments beyond Rs 10,000 only.

Earlier, the drawee had to declare all payments he had to make out of the Rs 2.5 lakh withdrawal from the account.

Also, RBI asked banks to ensure adequate funds are provided to rural cooperative banks for disbursal to farmers so that they can have enough valid notes for purchase of seeds, fertiliser and other inputs during the ongoing rabi season.

The RBI also doubled the limit to Rs 20,000 for semi-close pre-paid instruments with a view to meeting the transactional needs of the public through digital means.